GREYMOUTH HOLDINGS LIMITED V JET TRUSTEES LIMITED HC AK CIV-2011-404-5309

The Court has jurisdiction under the consent order to determine valuation dates at interlocutory stage; pragmatically both disputed dates should be fixed to supply valuations the parties will rely on at trial, and the Court granted joinder of the additional minority shareholders without making security for costs a precondition but imposed directions to preserve expedition of the substantive hearing.

Citation: openlaw-69fe22ac_e52e_4b7e_abce_0ee9816b9aa8.pdf
Parties: First Plaintiff (civ 2011 404 5309): GREYMOUTH HOLDINGS LIMITED; Second Plaintiff (civ 2011 404 5309): R M P DUNPHY; Third Plaintiffs (civ 2011 404 5309): P H & J A MASFEN; First Defendant (civ 2011 404 5309): JET TRUSTEES LIMITED; Second Defendant (civ 2011 404 5309): K G STURGESS; Third Defendant (civ 2011 404 5309): JOHN STURGESS & ASSOCIATES LIMITED; Fourth Defendant (civ 2011 404 5309): GREYMOUTH PETROLEUM HOLDINGS LIMITED; First Plaintiff (civ 2011 404 5442): J G STURGESS; Second Plaintiff (civ 2011 404 5442): JET TRUSTEES LIMITED; First Defendant (civ 2011 404 5442): R M P DUNPHY; Second Defendant (civ 2011 404 5442): P H MASFEN; Third Defendant (civ 2011 404 5442): GREYMOUTH PETROLEUM HOLDINGS LIMITED
Court: High Court
Jurisdiction: New Zealand
Judgment Date: 3 August 2012
Procedural Posture: Oppression/shareholder Dispute; Arbitration Application / Pre Trial (interlocutory Applications; Trial Listed 8 October 2012)
Outcome: Court ordered valuation arbitration dates fixed and granted joinder with directions; costs reserved.
Legal Topics: Oppression, Valuation of Shares, Joinder, Security for Costs, Discovery, Stay to Arbitration

Company Law Arbitration Civil Procedure Commercial Litigation Oppression Valuation of Shares Joinder Security for Costs +2 more

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Parties

GREYMOUTH HOLDINGS LIMITED

First Plaintiff (civ 2011 404 5309)

R M P DUNPHY

Second Plaintiff (civ 2011 404 5309)

P H & J A MASFEN

Third Plaintiffs (civ 2011 404 5309)

JET TRUSTEES LIMITED

First Defendant (civ 2011 404 5309)

K G STURGESS

Second Defendant (civ 2011 404 5309)

JOHN STURGESS & ASSOCIATES LIMITED

Third Defendant (civ 2011 404 5309)

GREYMOUTH PETROLEUM HOLDINGS LIMITED

Fourth Defendant (civ 2011 404 5309)

J G STURGESS

First Plaintiff (civ 2011 404 5442)

JET TRUSTEES LIMITED

Second Plaintiff (civ 2011 404 5442)

R M P DUNPHY

First Defendant (civ 2011 404 5442)

P H MASFEN

Second Defendant (civ 2011 404 5442)

GREYMOUTH PETROLEUM HOLDINGS LIMITED

Third Defendant (civ 2011 404 5442)

Procedural Posture

Oppression/shareholder Dispute; Arbitration Application / Pre Trial (interlocutory Applications; Trial Listed 8 October 2012)

Legal Issues

1 Whether the Court has jurisdiction at interlocutory stage to fix valuation date for arbitration under a consent order
2 Which valuation date or dates are appropriate for valuation arbitration
3 Whether proposed minority shareholders should be joined to the 5442 proceeding and on what conditions

Ratio Decidendi

Court Disposition

Court ordered valuation arbitration dates fixed and granted joinder with directions; costs reserved.

Orders

Valuation dates for arbitration fixed as 1 January 2011 and 31 March 2012 pursuant to the consent order (paragraph 4(c) of joint memorandum dated 18 May 2012)
Joinder granted in CIV-2011-404-5442 in terms of the plaintiffs' amended application of 10 July 2012 (additional minority shareholders to be joined)